Verde Resources, Inc. was incorporated in the State of Nevada on April 22,
2010. The Company conducts business operations in Pahang Malaysia through Champmark
Sdn Bhd ("CSB"), a privately limited liability company incorporated
in Malaysia, which is a deemed subsidiary under the management control of our
100% subsidiary Gold Billion Global Limited ("GBL"), a company incorporated
under the laws of the British Virgin Islands.
On October 25, 2013, we entered into an Assignment Agreement For the Assignment
of Management Right in Merapoh Gold Mines in Malaysia ("Assignment Agreement")
with Federal Mining Resources Limited ("FMR"), a company incorporated
under the laws of the British Virgin Islands.
FMR owns 85% equity interest in CSB, a privately limited liability company incorporated
in Malaysia. CSB is the Mining Contractor of the Mining Lease for Site IV-1
at the Merapoh Gold Mine under the Contract for Work with MMC Corporation Berhad,
the Permit Holder of the Mining Lease.
Under the terms of the Assignment Agreement, FMR has assigned its management
rights of CSBs mining operation in the Mining Lease to the Company, through
its wholly-owned subsidiary Gold Billion Global Limited ("GBL"), in
exchange for 80,000,000 shares of the Companys common stock, which constituted
95.26% of our issued and outstanding capital stock as of and immediately after
the consummation of the acquisition.
GBL was formed on February 7, 2013, by the Board of Directors of FMR to monitor
the CSB operation. The acquisition of 100% of the issued and outstanding capital
stock of GBL was agreed upon on October 18, 2013, and completed on October 25,
2013, subject to the approval of the Board of Directors and the audit of GBL.
On February 17, 2014, we entered into a Supplementary Agreement to the Assignment
Agreement and completed a reverse acquisition of GBL pursuant to the Supplementary
Agreement. As a result of the acquisition, the Company holds 100% equity interest
in GBL and 85% variable interest in CSB. Our consolidated subsidiaries include
GBL being our wholly-owned subsidiary and 85% of CSB being a variable interest
entity (VIE) and deemed subsidiary of GBL. On April 1, 2014, GBL purchased 85%
equity interest of CSB, and CSB became indirect subsidiary of the Company.
Verde Resources, Inc. was incorporated on April 22, 2010, in the State of Nevada,
U.S.A. On October 17, 2013, Stephen Spalding and Michael Stiege resigned from
all of their positions as officers and directors of the Company that complies
with the requirements of Section 14f-1 of the Exchange Act. The following persons
were appointed to serve as directors and to assume the responsibilities of officers
on October 17, 2013. Mr. Wu Ming Ding, as President and Director; Mr. Balakrishnan
B S Muthu as Treasurer Chief Financial Officer, General Manager and Director;
and Mr. Liang Wai Keen as Secretary. Mr. Wu and Mr. Muthu were added to the
Board of Directors.
On October 17, 2013, the Company provided written notice to Gold Explorations,
LLC, that the Purchase Agreement dated May 17, 2010, amended February 8, 2012,
and further amended May 17, 2013 (the "Purchase Agreement"), has been
cancelled according to the terms of the Purchase Agreement. By providing this
notification, the Company has no further obligations under the Purchase Agreement
and has released any interest in the mineral claims located in Esmeralda County,
Nevada.
On April 1, 2014, the Board of Directors of Gold Billion Global Limited ("GBL")
notified Federal Mining Resources Limited ("FMR") upon the decision
to exercise the right of option to purchase 85% equity interest of Champmark
Sdn Bhd ("CSB") under Management Agreement Section 3.2.4 dated July
1, 2013, between GBL and FMR. This acquisition was completed on April 1, 2014,
with consideration of US$1, and GBL then became 85% shareholder of CSB.
Effective August 27, 2014, the Companys Articles of Incorporation were amended
to increase the authorized shares of the Company from 100,000,000 shares of
common stock to 250,000,000 shares of common stock.
Effective February 20, 2016, Mr. Wu Ming Ding resigned all of his positions
as President and Director of the Company with Mr. Balakrishnan B S Muthu being
appointed President to fill the vacancy created. Effective February 20, 2016,
Mr. Chen Ching was appointed Director of the Company and the entire Board of
Directors now consists of Mr. Balakrishnan B S Muthu and Mr. Chen Ching.
The Company does not own any title and/or concession right in any mines. The
Company is undertaking natural mineral resource extraction management services.
The Company expects to hire a mine management team to supervise the mineral
resource extraction activities to ensure that the operations can be carried
out without significant problems.
The Merapoh Gold Mine is located in northern Pahang, with convenient road access
through Kelantan directly to the mine site and is about 400 kilometers away
from Kuala Lumpur. The Mine is located in the middle of Malaysias gold metallogenic
belt. The central gold belt is the source of the majority of the gold deposits
in the peninsula. It lies between the western and eastern tin belts and extends
from Kelantan (Sungai Pergau, Sungai Galas) to Pahang (Merapoh, Kuala Lipis,
Raub), Terengganu (Lubuk Mandi), Negri Sembilan and Johor (Gunung Ledang).
0.52% 
0 %